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Analyst Meet / AGM
08-Feb-17
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Conference Call
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Gulf Oil Lubricants
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Base oil prices have seen an increase in line with crude oil prices
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Gulf oil Lubricants held conference call to discuss the performance for the quarter ended December 2016. Senior management of the company addressed the concall.
Highlights of the Concall
- Gulf oil lubricants achieved year on year growth of 5.2% in its Net Revenues at Rs.273.6 crores as compared to previous year December quarter, when it was Rs.260.2 crores. Profit after Tax has grown by 5.4% for quarter ended December 31, 2016 as compared to previous year December quarter. Company EBIDTA margins came around 15.2% for the quarter.
- The company recorded volume growths of 9% in its core business (excluding the base effect of a large institutional order in last year's December Quarter). This positive volume growth has been achieved in the quarter in spite of lower retail demand conditions due to cash/liquidity shortages, slower movement of commercial vehicles and reduced activities on construction sites.
- Good growth was seen in all OEM dealership businesses across various product categories including new business generated by the recent tie-ups with Bajaj.
- B2B volumes also continued to grow although some sectors like construction, infrastructure marginally slowed down due to the demonetisation impact.
- Gross margins expanded by close to 1.2% over the corresponding year previous quarter.
- The company continues to be debt-free and is having a net cash positive of close to Rs. 80-85 crores as of December 31st, with high ROCE at around 67% and ROE 35%.
- working capital cycle continues to be in the range of 90-100 days
- Gulf oil lubricant has taken a price hike of 2-3%in January 2017 in the B2C business, the Bazaar business, the distributor piece. While some of the company B2B is linked to certain formula so those go up and down every quarter based on the base oil.
- Chennai plant is on track. The company expects to start operations by Q3FY'18 and close to about 60 crores has been incurred now so far in CAPEX in the plant. The company plans to start the plant with close to 40,000 KL to 50,000 KL capacity
- Base oil prices have seen an increase in line with crude oil prices which has gone up from $45 to $47 to now close to $55. So, there have been an 7%, 8%, in increase in base oil price in certain grades.
- Advertisement and branding expenditure was close to 6% during the quarter.
- Retail outlets have now gone up to 55,000 to 56,000 currently from 50000 last year. The Car Stops which started last year has now become 770- earlier they were 185 and Bike Stops have grown in the year to nearly 6,000 in nine months and rural stockiest which were 140 have now doubled to 300.
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